Marcus Savings Account Interest Rates: July 2024

Goldman Sachs offers a surprisingly good high-yield online savings account with its Marcus Savings Account, currently offering a 4.40% annual percentage yield (APY). It can be a good option for keeping your savings away from your everyday bank to earn a higher rate. We’ll cover what you need to know about this account, but take the time to check rates on the best high-yield savings accounts to make sure you get the best deal.

Marcus Savings Account Rates
Account Name	Balance for Highest APY	APY Range	Monthly Fee
High-Yield Online Savings Account	$0	4.40%	$0

Compare Marcus Savings Account Rates

Marcus provides a simple savings account with a decent rate, but you may be able to earn more elsewhere. See a selection of other accounts from our partners below, but take note of the minimum deposit requirements.

Marcus Savings Accounts: Key Features

High-Yield Online Savings Account Key Features
APY Range	4.40%
Minimum Balance to Earn Highest APY	$0
Minimum Deposit	$0
Withdrawal Limit	None
Monthly Service Fee	None

Marcus by Goldman Sachs’s high-yield online savings account is about as good of a savings account as you’d hope to see from any bank. Even for an online bank, it has very few limitations and red tape.

There are no fees for anything—even wire transfers, which most banks charge for. (You’re limited to sending wire transfers only to other accounts that you own, however, rather than third-party accounts.) There are no withdrawal limitations either, nor any minimum balances you’ll need to keep. You can even open an account with $0, as long as you deposit something—even just a penny—within the first 60 days. (If you don’t, the bank will close your account.)

The real selling point, however, is the high interest rate. There are no tiers or minimum balance levels to worry about—you’ll earn the same amount of interest on your entire balance, no matter how much you have on deposit.

The rate that Marcus by Goldman Sachs usually pays is typically reserved for the highest-tier balances at other banks, if they even offer rates that high at all (although Marcus doesn’t usually offer the highest rates available). Interest is compounded on your balance every day, and paid out on a monthly basis. Marcus even offers a referral bonus in which you and a friend can get a three-month 1.00% APY boost to your savings accounts.

Pros and Cons of Marcus' Savings Account

Pros

Competitive interest rates
No minimum balance requirement
No fees

Cons

Possibility for higher earnings
No sister checking account

Pros Explained

Competitive interest rates: Marcus checking offers competitive interest rates to help your money grow faster.
No minimum balance requirement: Marcus Savings account has no minimum deposit requirement, so you can keep a small or large amount of money in your account.
No fees: Unlike many savings accounts, you will not face a fee for any services, including for wire transfers.

Cons Explained

Possibility for higher earnings: While Marcus Savings account does offer fairly high interest rates, you could potentially get higher interest rates by shopping around.
No sister checking account: Marcus does not offer a checking account to use for daily spending.

About Marcus: Other Savings Options

Goldman Sachs’s primary focus is working with businesses and investors, not personal banking. But the bank needs to get its cash from somewhere, and that’s where you come in. It operates its personal banking division, Marcus by Goldman Sachs (named after the bank’s founder, Marcus Goldman), offering savings accounts with ultra-high rates to woo you into storing your cash with the bank.

Marcus by Goldman Sachs is a bit different from other online banks. It doesn’t offer any checking accounts, so you won’t be able to use it for your everyday banking. It offers a smattering of a few other products, notably its high-yield CDs, investments, and co-branded General Motors credit cards.

Instead, Marcus by Goldman Sachs is a perfect choice if you’re hoping to park your savings away from your everyday checking account, to help you avoid any temptation to spend the money before you need it for your intended goal. It’s a wise strategy that many people use, and you can benefit from the high interest rate to help propel you even faster toward your savings goals.

Alternatives to Marcus Savings Account

Marcus Savings Account offers fairly high interest rates on its savings account, but it may not be the best option for everyone. Other options to consider include:

High-yield savings accounts: If you’re willing to open an online savings account elsewhere, you may be able to earn higher rates than what Marcus Savings Account offers. See the best high-yield savings account rates to compare how much you could earn.
High-yield checking accounts: You may find relatively high rates with some checking accounts. Be aware of their requirements and limits. The best high-interest checking accounts give you easy access to your money.
Certificates of deposit (CDs): Marcus offers competitive rates on its CDs. You can also choose from a range of CDs from other financial institutions.
Money market account: Money market account can also provide a return on your savings. Check the best money market account rates to see how it compares.
Treasury securities: These government-backed bills, notes, and bonds sometimes offer even higher rates than CDs and may be more liquid.

In the News

The Fed held rates steady for a seventh consecutive time at its June 12 meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow the fed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall.

Because savings account yields closely follow the fed funds rate, the Fed’s current holding pattern has caused savings rates to plateau, and declines should be expected once it appears the Fed is ready to make its first cut.

Frequently Asked Questions (FAQs)

How Do I Open a Savings Account With Marcus by Goldman Sachs?

You can open a high-yield savings account with Marcus directly on its website, or through the Marcus by Goldman Sachs mobile app. You’ll need to provide basic information about yourself such as your name, address, and Social Security number. There is no minimum required deposit to open a savings account with Marcus, but you will need to deposit something within the first 60 days; otherwise, the bank will close the account.

How Much Money Do You Need for a Marcus by Goldman Sachs Savings Account?

There is no minimum balance requirement to open or maintain a savings account with Marcus by Goldman Sachs. You can even open an account with a $0 balance if you want, although you will need to add at least $0.01 to the account within 60 days for it to remain open.

How Much Money Can You Have in a Marcus by Goldman Sachs Savings Account?

You can keep up to $1,000,000 in a Marcus by Goldman Sachs high-yield online savings account. You’re also limited to keeping a total of $3,000,000 in all of your Marcus by Goldman Sachs deposit accounts, such as in its high-yield CDs and savings account.

Although Marcus by Goldman Sachs will let you keep up to $1,000,000 in its online high-yield savings account, it’s best not to go over $250,000. That’s the limit of FDIC insurance, and if the bank fails, that’s the most you’ll be able to get back.

Is Marcus by Goldman Sachs Good for Savings?

Yes, Marcus by Goldman Sachs is an excellent choice for an online high-yield savings account. It features some of the highest rates you can find these days (although it’s usually still possible to find even higher rates), has no fees, and has no balance requirements—all things that make it a customer-friendly option.